Sam Watts has completed an extraordinary tenure of 36 years with sale of his historic New Crown Hotel in Hay to a Sydney-based group, replete with immediate upside.
Established in the early 1900s, the two-storey New Crown has gone on to become one of the oldest pubs in Hay, set on a sizeable landholding of 1,782sqm.
It incorporates a single operation public bar, lounge bar, bistro and large dining area, gaming room with 12 EGMs, an expansive family-friendly beer garden equipped with a BBQ and cabana, and holds a late 2am liquor licence. There are also 10 accommodation rooms – eight with ensuites – and two independent manager’s units, as well as onsite parking.
Additionally, Watts had secured a DA to reconfigure the gaming room and public bar area.
Found in the western Riverina, around 270 kilometres west of Wagga Wagga, Hay serves as the administrative centre for the region’s bountiful agricultural economy. It will likely also benefit from the government-backed Southwest Renewable Energy Zone, having been identified as an area well suited to renewable energy generation.
This sale is typical of the momentum being seen in the NSW regional hotel market, coming as Deniliquin’s White Lion Hotel and Harden’s Light Horse Hotel also look for buyers.
On the job since 1989, Watts engaged JLL Hotels’ Greg Jeloudev and Kate MacDonald for the campaign, who note the consistent interest in “well-rounded hotel” assets.
While the buyer was not revealed, with agents reporting strong interest from local hoteliers and broader operators, sources suggest Boathouse Group has taken the keys, with big plans, for a price believed to be just north of $4 million.
“The venue is protected by strict legislative measures, which safeguard the successful purchaser against any further competition,” observes Jeloudev.
“Assets such as the New Crown Hotel will continue to be highly sought whilst such protective covenants remain in place.”
